Berkshire Hathaway reports Q2 operating earnings of $10.04B vs. $9.42B last year

Q2 Insurance Underwriting operating earnings were up to $1.25B vs. $715M last year and Inusrance-Investment income operating earnings rose to $2.37B from $1.91B last year, while Berkshire’s BNSF Railway Operating earnings were down at $1.26B vs. $1.66B last year. In its 10-Q filing, the company states: “Insurance underwriting generated earnings of $1.25 billion in the second quarter and $2.16 billion in the first six months of 2023 versus $715 million in the second quarter and $882 million in the first six months of 2022. Earnings in 2022 reflect increases of $134 million in the second quarter and $254 million in the first six months from the previously reported amounts attributable to the adoption of ASU 2018-12 on January 1, 2023. Earnings from insurance investment income increased $463 million in the second quarter and $1.3 billion in the first six months of 2023 compared to 2022. The increases were primarily due to higher short-term interest rates, partly offset by lower dividend income. Earnings of BNSF declined 24.0% in the second quarter and 17.3% in the first six months of 2023 compared to 2022. The decreases were primarily attributable to lower overall freight volumes and higher non-fuel operating costs, offset by lower fuel costs. After-tax earnings of BHE were essentially unchanged in the second quarter and declined 23.2% in the first six months of 2023 compared to 2022. The earnings decline in the first six months reflected lower earnings from the U.S. regulated utilities, other energy businesses and real estate brokerage businesses.”